Debating buying a 2019 C7 due 0% for 84 months on GM
#1
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Debating buying a 2019 C7 due 0% for 84 months on GM
Only had my C6 a month but debating on getting a 19 C7 from a dealership.
Has anyone else considered this these last few days?
Has anyone else considered this these last few days?
Last edited by Topduarte; 03-21-2020 at 05:51 PM.
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03-21-2020, 07:33 PM
Le Mans Master
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C3 of Year Finalist (stock) 2019
C2 of Year Finalist (stock) 2019
#3
Safety Car
It depends; if you're willing to stick with the C7 for an indefinite amount of time, its a great idea BUT if a C8 grabs your eye/wallet/cojones the financial end of it bites you twice; once for going to the more expensive C7 and again when you take the giant hit driving it off the lot. I understand, believe me.....not a bad situation to be in, enjoy
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Maxie2U (03-23-2020)
#5
Team Owner
C7 sure, 84 months absolutely not.
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#6
Le Mans Master
"Budget the luxuries first." Robert Heinlein
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#9
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We have always paid off our cars early. We even paid off our home in 18 years. I will do the same if I jump on this.
Now need to find a 7 speed 1LT in Texas
Now need to find a 7 speed 1LT in Texas
#10
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St. Jude Donor '11-'12-'13, '16-'17-'18
Makes perfect sense actually. 0% interest costs nothing AND you can buy down the principle as you go
#11
Melting Slicks
Only do it if you are disciplined enough to keep the car at least long enough to get into a positive equity situation with the loan (car resale value is worth more than the loan payoff).
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CE_Vetteboy (03-21-2020)
#12
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St. Jude Donor '16-'17,'22,'24
OP, If you're interested in a new C7, then you might want to know there's not many remaining. There are less than 1500 nationwide. Assuming you're looking for a good deal, there's even fewer than that number as many of the remaining C7s are with small dealers who are not inclined to offer the 15% or more off MSRP. A quick search on Cargurus or Autotrader will tell you what's out there and what kind of discounts are available.
You also might want to consider late model used or certified used C7s.
You also might want to consider late model used or certified used C7s.
#13
Burning Brakes
if a loan is 0 interest then length of term literally doesnt matter. in fact, longer becomes better as the lower payment generally leaves one with more options, rather than fewer. one can always pay a loan off early. anything which is zero-interest, ya just dont have to worry about. simple as that.
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#14
Heel & Toe
Because of inflation, future dollars are cheaper than present dollars. 7 years from now, your money will be worth less than it is now, so you'll be using cheaper dollars for the payments. This means getting 0% interest for 8 years is a killer deal! We got 0% for 5 years on my wife's Rogue and every time she suggested paying it off early, I declined. If you're not paying interest, it's foolish to pay it off early. Invest the money you would have paid it off with and if it earns any interest at all, you'll be ahead of the game. Also, DO NOT put any money down if you can avoid it.
I just did the math: A $70,000 price now is effectively equal to $60,847 in 7 years after being depreciated by inflation (estimated at 2% per year). It's like the price you're paying is being reduced by 2% every year.
I just did the math: A $70,000 price now is effectively equal to $60,847 in 7 years after being depreciated by inflation (estimated at 2% per year). It's like the price you're paying is being reduced by 2% every year.
Last edited by Bruceski; 03-25-2020 at 02:52 PM. Reason: changed 8 years to 7 years- the math is still correct for 84 months
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vsnqust (03-22-2020)
#15
Safety Car
I work as a Dealer Trade Driver for both a Ford and Chrysler/Dodge/Jeep/Ram dealer. Because of the current COVID-19 virus situation they all are offering the same financing deal of 0% for 84 mos. and no payments for 90 days. You're going to see a lot more of it. Can't beat it if you want to finance a new car. Unfortunately in PA, car sales are considered non-essential and are shut down by the state for ??? If you're planning on taking advantage of the offer, I would do it sooner than later.
#16
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St. Jude Donor '03-'04
A good deal is only good if you can live with the car and all the things it is not. Color, transmission, options etc. I would never compromise my choices in a C7 just to get a good deal, I would quickly regret the loss of any of my dream choices in color, transmission options,.trim level etc.
Just my opinion.
Bill aka ET
Just my opinion.
Bill aka ET
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#17
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Thread Starter
OP, If you're interested in a new C7, then you might want to know there's not many remaining. There are less than 1500 nationwide. Assuming you're looking for a good deal, there's even fewer than that number as many of the remaining C7s are with small dealers who are not inclined to offer the 15% or more off MSRP. A quick search on Cargurus or Autotrader will tell you what's out there and what kind of discounts are available.
You also might want to consider late model used or certified used C7s.
You also might want to consider late model used or certified used C7s.
#18
Team Owner
True it is zero interest but you still owe the full amount of the 0% to the bank. The new car will depreciate and it will not take long before your 0% balance is more than the cars value. If you plan on keeping it 84 months no problem or if you double up on payments that helps.
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Olnavy (03-24-2020)
#19
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First and foremost why bother buying a c7 new when you can get a used one with low miles for 45-50k that's a grandsport mind you. Also if you're paying anything more than 55k you might as well buy a c8 to be honest.
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LuisZ51 (03-23-2020)
#20
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St. Jude Donor '03-'04
If you are getting 24% off MSRP and free money for 7 years, than means you can keep you money growing interest in the bank or working in an investment portfolio.. When I say free money, there should be no fees applied. if the car is 84000 out the door , that means you should be paying 1000 dollars and no more for 84 months. Paying cash removes your money from its potential to make interest.. I have not payed a penny in finance charges on anything in 20 years. I paid cash for my wifes New Car and my C7 because I could not get free money. and did not want to pay thousands in finance charges.
My credit card company even pays me to use their card. If you can get free money, take advantage of it. it keeps any of your own money working. We are fortunate in being able to live within out means, and have the money to pay cash and avoid finance charges.. Its taken us 50 years to be in that position. Free money is free money no matter how financially fixed you are.
My credit card company even pays me to use their card. If you can get free money, take advantage of it. it keeps any of your own money working. We are fortunate in being able to live within out means, and have the money to pay cash and avoid finance charges.. Its taken us 50 years to be in that position. Free money is free money no matter how financially fixed you are.